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Tag Archives: LIBOR

U.S. considering ‘material changes’ to ‘Volcker Rule’; Stock Bulls in Trump Country; Replacing Libor is harder in practice John Lothian Newsletter,Newsletter

First Read The Man Who Molded Chicago’s Merc; Leo Melamed, chairman emeritus of CME Group, helped make his company the world’s largest manager of financial exchanges. Now he’s focusing on the development of Asian markets Jacob Bunge – WSJ In 1939, Leo Melamed learned about the power of financial markets in a bakery in Vilnius, Lithuania. He was 7 years old, trying to use Polish money to buy a loaf of bread. Though Lithuania’s government had deemed the two countries’ currencies equal in value, the baker informed Mr. Melamed that he’d need two Polish zlotys for a loaf that cost…

Market’s $3 Trillion Trauma; FCA and CFTC to collaborate on fintech innovation; Euronext Plans More Acquisitions John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff Welcome to Presidents’ Day in the U.S. This is the day when U.S. Presidents have historically taken the day off from Twitter. Just kidding. But it is the day we are not going to publish JLN Options and the JLN staff gets the rest of the day off. Have a great day!~JJL Last week’s CryptoCon 2018 produced some interesting insights into the cryptocurrency space. DRW Cumberland’s Bobby Cho and Jim Radecki revealed just how large that operation is today, with crypto trades representing about 25 percent of DRW’s trades on 30 different currencies…

Mifid II launch overshadowed by futures delay; Ex-UBS Trader Says Bank ‘Mandated’ Conduct That Led to Libor Ban John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff OCC announced that 2017 volume reached the third highest total cleared contract volume ever.~JJL Jessica Darmoni will be moderating a panel at #STAC’s MidWinter Meeting on Artificial Intelligence and how it will influence future traders and analysts.~JJL Want a job with the NFA? Click here to learn more.~JJL CME Group averaged 16.3 million contracts per day in 2017, up 4% from 2016.~JJL John Sodergreen’s Risk Desk has an interview with CFTC Chairman Giancarlo on page 11 of the latest edition.~JJL Nasdaq PHLX LLC has given “Notice of Withdrawal of a Proposed Rule…

Blockchain to massively change commodities; Cboe’s Tilly predicts more consolidation; Chinese oil futures? John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff We are rolling out the first of the videos from the MarketsWiki Education recruiting event held the Monday of EXPO week in Chicago. The first video features Cboe’s Ed Tilly.~JJL Recall the “broker fee wars” earlier in the year? Fidelity, TD, Schwab and a whole bunch of others started slashing commissions and fees, bringing much of the $7 per equity trade shops down to $5 a trade and some of the discount brokers even lower. Then there’s tastyworks’ $1 to open/free to close options trading setup. Well, unicorn-valued trading app Robinhood just…

ICO regulation inconsistent as cryptocurrency bubble fears grow; CFTC Chief Works to Tweak, Not Decimate, Obama-Era Rules John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff To those who celebrated Thanksgiving yesterday, get outside and stretch your legs today, the deals for Black Friday can wait. ~JJL Chuck Mackie of Maven Wave has recapped the CME Group‘s GFLC in a blog post. ~JJL On Tuesday, November 28, the OCC’s Caroline Gillard is moderating a luncheon sponsored by FCS Chicago focusing on marketing to women. The lunch panel includes Jessica Titlebaum Darmoni, Jennifer Bennethum Burns and Allison Engel, and is the organization’s final luncheon topic for 2017. This will be the first time the FCS has hosted one of…

The Low Vol Puzzle; Post Bank say BOJ should sell puts; Buying dips Newsletter,Options

Observations & Insight FANG+ Puts the UMPH Back into the Markets and Exchange Competition John Lothian – JLN Hallelujah! The magical power of innovation from exchange competition in Chicago is alive and well after a noticeable absence. The NYSE FANG+ index at ICE Futures US is the most innovative and timely new contract I have seen since the Cboe introduced the VIX. Besides the FANG+ contract, we have the expectation of the CME Group and Cboe slugging it out later this year with competing bitcoin futures offerings. Earlier this year we had the CME Group reclaim the Russell index complex…

Top investors want Deutsche Börse chief to resign; ICE ramps up move on corporate bond market John Lothian Newsletter,Newsletter

First Read Hits & Takes It was a big day for ICE yesterday as they announced two acquisitions, BondPoint from Virtu and a stake in Euroclear from RBS. Here is a commentary written August 17 by Jim Greco of TradingPlaces about Virtu and the possibilities for BondPoint.~JJL Slides are available for download by STAC members on the STAC website. This is the Securities Technology Analysis Center, not Securities Traders Association of Chicago.~JJL Myron Scholes, Ph.D. will be speaking at the CFA Society of Chicago on November 17 at the Palmer House on “The Evolution of Asset Management: Risk Management.”~JJL LSE’s…

Push for MiFID II Delay; Libor settlement; Bond volatility Newsletter,Options

Observations & Insight The Kooky News for Friday the 13th Spencer Doar – JLN Befitting the day, there are indeed some weird happenings in our markets. First, recall the release in Observations yesterday – TradingScreen Majority Shareholders Initiate Criminal Legal Action Against Giampiero Grandi, Board Chairman, For Misappropriation Of Corporate Assets. TradingScreen responded to that release with a statement, saying the allegations made were: “false, baseless, and meritless, and has been propagated by the company’s disgruntled former CEO [Philippe Buhannic], who was fired by the Board for cause last year after intentionally hitting an employee in front of numerous witnesses…

TradingScreen rejects claims by shareholder group; Citigroup, Deutsche, HSBC Agree to Settlement John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff Care to guess what the best performing financial asset of 2017 has been? According to Macquarie as cited in this Financial Times story, it’s the metal cobalt. Cobalt is up some 80 percent this year on the back of increased demand for electric vehicles.~SD Crain’s put out a list showing which companies won the most patents in Chicago in 2016. Trading Technologies is on there with nine. Tops by a longshot is Boeing with 1,045 (second and third go to Honeywell and Caterpillar, respectively). It’s all part of the Crain’s “Chicago’s Most…